Nigeria: IPO 'For The People' Is Out of Reach for Many in Nigeria
[DW] Dangote seeks $1.6 billion from investors to finance a $14.3 billion expansion and thus double the oil refinery's capacity. The offer could give millions of Nigerians a stake in the company. But who can truly afford it?
Aliko Dangote, Africa's richest man, is seeking $1.6 billion from investors to finance the expansion of his oil refinery in Nigeria. The initial public offering aims to double the refinery's capacity from 700,000 barrels per day to 1.4 million barrels per day. This would make the refinery one of the largest single-site refining complexes in the world.
The expansion includes petrochemical and refining units to reduce Nigeria's reliance on imported products. While the offer prices the shares at 525 Naira each, with a minimum purchase of 10 shares, many Nigerians cannot afford to invest. Despite this, some Nigerians, like retail investor Olamilekan Oladehinde, are excited about the opportunity to invest in the refinery and contribute to addressing fuel shortages in the country.
Written by urgent.news from AllAfrica's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
